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Sabine Royalty Trust Message Board

  • utguy54 utguy54 Jan 10, 2006 6:19 AM Flag

    SBR UnitHolders

    If you would look at the filing this Sabine Production Partners made on 1-5-05 one can see what they are up to. Wanting low risk assets. Cano Petroleum gave to the venture some $40,000. Then in some of Cano's 10QSB filings with the SEC, they state they gave $260,000 to be a partner in the Sabine Production Partners. Looks like This Haddock,Carlile and Cano are principals in the venture to take control of SBR.

    If one would do a little DD on this Cano, you can see it is just a scam. They took a shell in 2004 from Vancover BC housed in a $150 per month office and started Cano (CFW). On Sept 30 of 2005 they sold some 4,703,864 shares of their worthless stock and raised $18.5 million to be for general corporate purposes. That is their operating money since if you would look at their P & L you would see not much revenue. This should give a person an idea of the group that is after SBR.

    I am sure that it cost a sizeable sum to get the proxy mailed and I would not imagine that they do have much stock in their enity. They, I think were hoping that the unitholders were, I guess, just too ignorant to see what they are attempting to do. One would have to be more than an idiot to go along with their scheme.

    Back in March I received a letter from this Haddock. He up front said that this was not a soliciation, but he had included his telephone number so if anyone was stupid enough to call, then he later couldn't be charged with mail fraud in trying to deceive the receipant. These oil promoters don't use the mail in soliciation of their investors, otherwise it sets up a possible criminal charge of mail fraud.

    It looks to me that they did use the SEC rulings to mail the proxies, but the proxies are so confusing that they could be as a soliciation to deceive the unitholder. Even by voting NO and returning it still granted them a meeting.

    I suggest that all unit holders that mailed in their proxy as NO and were deceived file (1) a complaint with the SEC and (2) check with their Congressman who all have an e-mail address and see if this proxy, which is noting but a means to deceive could qualify for a filing with the UPS as mail fraud since that is all that is, whether it be through the so called proxy or not. Their intent is what counts.

    That possibly could really cause those Ft Worth scumbags to squirm. Congress is certainly out to squelsh all improper ventures after the Enron and Worldcom problems.

    I for one am e-mailing my Congressman and seeing what can be done, otherwise, there will be more raids on other small trusts which people buy for income knowing what the eventually is.

    SBR, however, should be around for years since there is new wells being drilled and one can see that by the reserves being reported each year. I have owned this trust for 21 years and the total reserves have only depleted some 10%.

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    • do you know if it is possible for some of these forum players to form a committee, and require the trustee to do a mailing of our comments in regard to this so called "offer" the holders of record. i think we have to be given the names and addresses as a matter of law.

      I am afraid that the population working this thing on the net is very small in relation to the total population of unitholders. Any ideas utguy?

      • 2 Replies to meapatsy
      • The trouble with having the Trustee do that is that is an expense to the Trust. I think that these folks have comitted a crime by sending out a mailing statement that is at least misleading. I thnk that the SEC and yes the Congress should know about it and that we should insist that they investigate the whole thing.

        Don't forget...we also have to pay for any meeting.

      • meapatsy I realize that the group on this message board is small, but if we, even as small as we are, get voice our concerns of this totally crazy scheme to the proper authorities, then I think they would do an investigation.

        I brought this Cano thing up since if you'd look at their financials, you will see that they have very little revenue, may be like 1.8 million a quarter yet they are HYPING the stock and are estimating the reserves from these old junk wells they buy as something that is pie in the sky. The SEC rules doesn't allow estimates of probable reserves, which this outfit submits, but the news releases has driven this stock to near $10 per share. The poor devils that are long will be wiped out when the debt expense comes around and there isn't any revenue to service their debt. As it is now, they are selling the stock since they have authorized about 500,000,000 shares. The SEC should be investigating that company for sure. I believe that they hope to take control of SBR to add to that companies reserves and to borrow on these assets.

        I don't have any other ideas, since I, nor any unitholder, knows what the trustee will do or is doing. Apparently nothing! May be the trustee thinks this thing will just fade away.

        It doesn't take many complaints to get an investigation going. There are quite a few on this board and I'm sure many more that don't post, but review the comments.

    • your research on Cano was good and you know perhaps, who the brokerage house was that brought that Cano mess to market....they are probably underneath this deal somewhere....and who was the book runner?

      Not likely you will get any help from the Texas delegation in congress....Senator PomPom and Senator Wedge just don';t have any clout up there...besides RNC will rein them in if they get out of line, and attack the bushies. Only guy I can think of that might stir up the system is Lloyd Doggett, but I am not in his the Delay redistricting of last year, I got Rueben Hinojosa from Edinburg....nice guy, but 240 miles away to his nearest much for that...and I have an anglo surname.

      • 1 Reply to meapatsy
      • meapatsy I just pulled this off the SJT board and someone checked and found that Sabine Production Partners has only 2000 shares of SBR. The title of the message is Haddock and Other Carpetbaggers.

        I'm in E Texas and will contact my Congressman. I know Ralph Hall, but he isn't in my district. Also have a contact with a US Senator who is not from Texas but has been up there some 28 years.

        I don't know the answers to your other questions. You can go to Cano Petroleum Inc webpage and look at their SEC filings. They have it where it is very difficult to read, but it can be done. I'm sure that this group has some backing, but I'm sure that they need those proxy votes also. I don't know if they could raise the funds necessary to take control without the help of the unitholders.

    • Have spoken to Jana Engeler @SRT. A very nice and knowledgeable person. She works with Ron Hooper, the trust mgr.
      They are diligently working on an info packet with CORRECT and RELIABLE info that will be mailed to all shareholders.The bank atty. is looking at the proxy as well. Good and reliable info will be forthcoming. Many of the questions we all have regarding the meeting and the proxy voting itself will be answered.
      In the meantime, the offer is $ 7.5million.
      TEAR UP THE PROXIES!!!!!!!!!!!!!!!!!!!!!!!!!!!
      TEAR UP THE PROXIES!!!!!!!!!!!!!!!!!!!!!!!!!!!
      TEAR UP THE PROXIES!!!!!!!!!!!!!!!!!!!!!!!!!!!
      TEAR UP THE PROXIES!!!!!!!!!!!!!!!!!!!!!!!!!!

    • LETS REVIEW: SBR is YOUR cash machine.YOURS. There is no mgt. It is NOT a company. There are no employees. It owns 2 of the most valuable commodities in the world:NGAS & OIL. It pays out 95-98% of ALL revenue to shareholders. Its so simple its scary. It is an investors DREAM!!!!!!Current yld of 12%!!!!!!! NO DEBT!!!!!!
      Next months div alone shld be close to 50 cents(my est.) Current mkt cap of $600 million, even after the recent selloff.
      SPP is counting on obfuscation of the facts, confusion and their percieved ignorance of the shareholders:US!
      Here's what SPP is offering. A share in a currently non existent partnership. SUBSTANTIALLY higher expenses. SUBSTANTIALLY higher debt. SUBSTANTIALLY LOWER DIVIDENDS!! SUBSTANTIALLY LOWER DIVIDENDS!!
      And for all that , theyre gonna give us $7.5 million. That is 1/100th of the value of SRT.

      So, SRT is OUR asset. It is up to US to STOP these bastards now!!!!
      TEAR UP THE PROXIES!!!!!!!!!!!!!!!!!!!!!!!!

    • In short, SPP knows Exactly the value of SBR(SRT). Theyre betting WE dont. TEAR UO YOU PROXY so that there's NO MEETING!!!!

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